Fabric Token Basic Review
|Start ICO||15 Feb 2018|
|End ICO||01 Apr 2018|
Name: FABRIC TOKEN
Ticker symbol: FT
Project type: Cryptocurrency, Platform
Extended company description: The Fabric Token ecosystem is a set of programs enabling anyone to develop, test and deploy their own applications based on blockchain (DApps), and supplies ready-made smart contract templates.
Company: Niquid Tech OÜ
Public ICO start date: 15.02.2018
Public ICO end date: ~ 01.04.2018 or upon reaching the fundraising limit
Token Sale duration (weeks): 6.4
Token type: ERC20
Token emission: 100,000,000
Tokens available (Pre-Sale + Public ICO): 80,000,000
Price for 1 FT token: 0.1125 USD
Accepted payment: ETH
Bounty: The program is active until the end of the ICO.
Token role: Functional
Team (number of people): 9
Advisors and partners (number of people): 6
The Fabric Token ecosystem is a set of programs enabling anyone to develop, test and deploy their own applications based on blockchain (DApps), and supplies ready- made smart contract templates.
Fabric Token is designed to help individuals and businesses implement blockchain technology and smart contracts into their business processes. TokenGen is a web application developed for individuals to use, that enables anyone to create smart contracts for tokens and crowdsales.
The Fabric Token ecosystem comprises:
- Fabric Token – a digital asset to be used as the sole means of payment on the platform.
- TokenGen – a web application that enables users to create smart contracts for their own tokens, and create crowdfunding campaigns.
- DApp Workbench – a platform that will enable enterprises to model, implement, maintain and improve their business processes by deploying blockchain technology and smart contracts.
- Fabric Store – a decentralized marketplace to assist third-party programmers to develop components for smart contracts.
Marian Nedelchev (LinkedIn) - Business process management consultant. Senior analyst at DXC Technology, previously senior analyst at AQX Technologies, Business Analyst at Bul SI, Business Systems Analyst at Stemo Ltd.
Dimitr Boyanov (LinkedIn) - Corporate and legal advisor. Developer of cloud solutions for developers at Dassault Systèmes 3DEXCITE, previously senior software developer at Deutsche Bank AG, web developer at Ciela Norma AD.
Krstyu Georgiev (LinkedIn) - Technical consultant. Architect Microservices & SOA at IT Consultant.
Milen Ivanov (LinkedIn) - Consultant in the field of market research and project economics. A share trader at Alaric Securities.
Petya Vlkova (LinkedIn) - Project management consultant. Technical applications expert at Experian, previously solution architect for Fadata, Hewlett Packard Enterprises.
Simeon Karaivanov (LinkedIn) - Content editor. Rights Manager for Bard Publishers.
Partners: Wolf Crypto and SwissBorg.
Investment attracted: $787,500
The project consists of the Fabric Token ecosystem, built on blockchain technology and smart contracts. We understand that the project aims to solve problems in describing and automating business processes via the integration of blockchain and smart contracts into BPM. Blockchain technology could be useful in this direction, and the project could attract the blockchain community’s attention as a result.
Strengths of the project:
- The chosen market demonstrates high growth rates.
- The project has been assembled by an experienced team of developers and advisors.
Weaknesses of the project:
- The MVP is not yet available; the project team will submit TokenGen 1.0 in February 2018 and the beta version of Fabric Store in December 2018 (more information about the MVP is disclosed in the relevant section).
Market and industry
A report by Infoholic Research LLP forecasts that the cryptocurrency and blockchain technologies market will grow by 35.2% in the next 5 years.
In 2017, the total volume of the crypto and smart contractsmarket was about $100 billion [Market Reports Hub], $24 billion of which was based on Ethereum.
The CAGR of the smart contracts market is forecast to be 61.5% for Ethereum up to 2021.
According to the team’s analysis, about 15% of banks worldwide expect to be widely implementing blockchain technology by the end of 2017; this number will be 66% by 2020. Research by Accenture Consulting conducted in conjunction with McLagan concluded that banks can save 70% of their potential costs for creation of financial statements, 30-50% of potential costs of compliance, 50% in business transactions and 50% in centralized operations. In total this will save about $8 billion.
In addition, smart contracts continue increase in use, as evidenced by a Deloitte survey conducted at the end of 2016, where 46% of respondents said they would “conclude contracts with another party using a smart contract based on blockchain”.
The team also provided detailed research on current problems for smart contracts.
Comments: The market for smart contracts is developing dynamically, which assures us the project will be able to occupy its market niche.
- Etherparty - contract designer eliminating complexity in creating, managing and executing smart contracts on any blockchain system.
- Agrello - a platform that develops smart contracts for business.
- Blockcat - a visual designer for smart contracts enabling anyone to create and deploy smart contracts on the Ethereum blockchain without coding skills.
Summary: Fabric Token has a more balanced ecosystem than its competitors, predominantly oriented to a specifically enterprise market segment.
Engineering features of the project
The ecosystem is built around blockchain and smart contracts. Solidity technologies will be used to ensure security.
DApp Workbench acts as a go-to product for the integration of blockchain and smart contracts into traditional business process management. The application will be equipped with a drag-and-drop interface built using the BPMN 2.0 standard, which will enable the import and use of workflows created with other BPMN-compatible tools.
BPMN is a notation system for modeling business processes developed by Business Process Management Initiative and supported by Object Management Group after the merger of both organizations in 2005.
The ecosystem consists of 4 components:
- Fabric Token.
- DApp Workbench.
- Fabric Store.
1. Fabric Token – a digital asset that will be used solely as a payment instrument for the products and services provided by the ecosystem.
2. TokenGen – a web application that enables users to create smart contracts for their token and organize crowdfunding without special programming skills.
TokenGen functions as follows:
- A user requests a smart contract for a personal token and crowdsale.
- A ticker symbol for the token, its name and other information about the staging of the future ICO is provided.
- Generation and testing of the smart contract occurs.
- Payment for the service, receipt of the smart contract.
3. DApp Workbench – an application that enables businesses to use decentralized technologies within their company’s operations.
4. Fabric Store – a decentralized marketplace that enables third-party developers to create smart contract components for the Fabric Token ecosystem, thereby scaling the system.
The first main component of the ecosystem is TokenGen. Users are able to create new tokens and hold a company crowdsale using TokenGen.
The main functions of TokenGen are as follows:
- Token smart-contract templates.
- Crowdsale functionality.
- For payments (in Fabric Tokens).
TokenGen is straightforward to operate. Detailed documentation will be available on the Documentation page of the website after the crowdsale. [https://fabrictoken.io/tokengen-showcase-smart-contract-generator-token-economy/]
Comments: The project system is wide-reaching, but all components use proven smart contract technology.
With the development of technology and data capacity it is planned to implement the following:
- February 2018: TokenGen 1.0 released - includes a fully functioning web application for creating smart contracts.
- April 2018: TokenGen 2.0 is released - additional templates of smart contracts added.
- July 2018: A public beta version of the DApp Workbench is released - includes fully functional DApp Workbench desktop application, as well as cloud version with a limited set of smart contract components.
- September 2018: DApp Workbench 1.0 is released – with extended components of smart contracts added.
- October 2018: Fabric Store development commences.
- December 2018: Public beta version of Fabric Store available. Partially functional interface connected to Fabric Store smart contracts is available for testing purposes.
- February 2019: Official version of Fabric Store 1.0 launched.
- After February 2019: Further improvement of the token ecosystem.
Comments: The project team has provided a detailed plan for platform development but there is only one developer in the team; there are therefore risks that the project will not be completed to schedule.
The following active modules are available in the open repository: GitHub
- Commits: 9
- marinivanov: 100.00%
- Commits: 4
- marinivanov: 100.00%
Comments: The repository contains two open modules:
- fundraiser-contracts - a smart contract for the ICO.
- status - status of the Fabric token.
The repository is owned by Fabric Token. A team representative stated that most developed components are on the BitBucket repository.
We have analyzed the Fabric Token website and documentation for sufficiency and consistency for making an investment decision.
The website also provides information about the project, the ICO, platform components, the roadmap, frequently asked questions with answers, consultants and the team. The website is presented in English, Russian, Chinese and Bulgarian. The website features a detailed description of the platform’s services and step-by- step instructions for buying tokens.
Summary: The documentation enables a comprehensive view of the project. Platform components are described in sufficient detail.
Tokens for sale, %: 71.25
Public ICO start date: February 15, 2018 10:00:00 UTC
Token type: ERC20 Accepted payment: ETH 1 FT price: 0.1125 USD
Crowdsale duration: 6 weeks, until 01 April 2018 10:00:00 UTC
Fabric Tokens are intended to be used only as a means of payment for products and services within the FT ecosystem.
Fabric Token can be used to purchase products and services offered by the FT ecosystem. This includes token contracts and crowfdunding campaigns generated by TokenGen, buying a subscription to DApp Workbench, etc. Fabric Tokens will also be used as a digital asset that third-party developers and users may exchange in the Fabric Store. The Store will also enable third-party developers to earn tokens and create a reputation for themselves by complementing TokenGen and DApp Workbench with proprietary software elements.
These tokens are not intended to be used as a digital currency, securities or other financial instruments, but as a digital asset analogous to downloaded software.
Token limitation: 100,000,000
Advantages for token holders: Tokens are functional, enabling users either to sell them or to use them for accessing platform services.
Additional Token Issue: No
Max goal: $9,000,000 in ETH
Min goal: None.
Comments: Participants will immediately receive the correct amount of FT by sending ETH to the company's fundraising smart contract. After this, tokens may be transferred according to their intended use once the ICO is finalized. Any ERC20- compatible wallet is suitable for the storage and transfer of Fabric Token.
The project allocates 1% of all tokens to the bounty program, which is open in the following areas:
- 50% (500,000 FT) for the Signature Campaign.
- 25% (250,000 FT) for the Translation Campaign.
- 10% (100,000 FT) for the Blog/Media Campaign.
- 10% (100,000 FT) for the Airdrop Campaign.
- 5% (50,000 FT) for the Twitter Campaign.
Summary: The project has an extensive bounty program. All conditions for the program are indicated at the link above.
Token and capital distribution
Tokens and capital are distributed according to the following scheme:
Summary: Tokens do not affect the distribution of shares in the company.
The advisors' tokens will be frozen for 180 days; tokens allocated to the core team will be frozen for a year.
Summary: In the project’s documentation, the team elaborates a roadmap with stages for release of the ecosystem’s components. Market development plans will be published after the launch of TokenGen 1.0. TokenGen will be accessible immediately after the ICO ends at tokengen.io. Information about the MVP’s functionality is available in the technical section.
The key team consists of 9 people and 6 advisors. Information about the main team members based on LinkedIn is given below:
Nikolay Nikov (LinkedIn) - CEO and Head of Strategy and Business Development. Founder of Niquid Tech, senior software developer at Luxoft, previously a software engineer for Experian.
Marin Ivanov (LinkedIn) - Technical Director. Software developer at Patchman B.V., previously technical manager for Casino Technology, senior web developer at Stenik Group Ltd.
Doncho Karaivanov (LinkedIn) - Operational Director. Co-founder of Niquid Tech, CEO and co-founder of Inet Solutions, previously Java developer for Bul SI Ltd.
Summary: The CEO and COO have indicated their ownership of the project’s parent company.
The team is mainly from Bulgaria. The team also includes professional developers, a business analysis professional, and a professional reader with more than 5 years of experience.
Information about the project is available through various popular services: Twitter, Telegram, Reddit, Medium, Slack, LinkedIn, Facebook, GitHub and BitcoinTalk. The project has a bounty program.
The team is active on social media; news is regularly updated onTwitter and Facebook; there is a blog on Medium, but the main blog is on the official website. The format of articles about the project shows that they were written mainly at the project's request.
Comments: Interest in the project is gradually growing. Marketing is primarily focused on ICO listing sites such as CoinSchedule and ICOBench, as well as news coverage on the largest crypto news sites: CoinTelegraph, BitcoinMagazine, etc. For social media, the most active channel is Telegram.
Traffic analysis of the FABRIC TOKEN website based on Similarweb.com data showed the following:
Traffic source: [Similarweb]
Comments: direct link: 28.48%, referrals: 49.25%, search: 10.29%, social media: 3.77%, mail: 8.20%
Total visits: approximately 95,000
Search traffic: 10.29%, 100% of which is “organic”.
Referral links: 25.29%
Top referring sites:
- hackernoon.com - 56.60%.
- coinschedule.com - 13.84%.
- bitcointalk.org - 10.19%.
- tokenmarket.net - 3.91%.
- icobench.com - 3.68%.
Traffic analysis of the FABRIC TOKEN website based on analysis data showed the following:
Website rate: 0.80 (80%)
- score: 94,
- VK: 0,
- Facebook reposts: 94,
- Google+: 0
Summary: Based on available data, it can be concluded that interest in the project is gradually growing. The team is leading an advertising campaign primarily via ICO listing sites (CoinSchedule, ICOBench, etc.), the most popular crypto news sites (CoinTelegraph, BitcoinMagazine, etc.) and communicates via Telegram. The number of visits to the project’s ICO site has increased almost 20 times (from 5,000 in December 2017 to 95,000 in January 2018).
The developers may be contacted using the links below:
The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data from open access and information that developers provided to the team through Skype, email or other means of communication.
Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud.
We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.